Financial Performance - Revenue for the year ended March 31, 2023, was approximately HK$185.5 million, representing an increase of approximately 36.9% compared to the previous year[17]. - Gross profit for the same period was approximately HK$3.0 million, an increase of approximately HK$0.6 million or 25.9% year-over-year[17]. - Gross profit margin decreased to approximately 1.6% for the year ended March 31, 2023, down from approximately 1.8% in the previous year[17]. - Loss attributable to owners of the Company was approximately HK$26.0 million, a decrease of approximately HK$52.2 million or 66.8% compared to the loss of approximately HK$78.2 million for the year ended March 31, 2022[17]. - Basic loss per share amounted to approximately HK$0.15, compared to HK$0.45 for the previous year[17]. - The Group recorded revenue of approximately HK$185.5 million for the year ended March 31, 2023, representing an increase of approximately HK$50.0 million or 36.9% compared to the previous year[116]. - The Group's gross profit for the year was approximately HK$3.0 million, with a gross profit margin of 1.6%, slightly down from 1.8% in the previous year[116]. - The Group's loss attributable to owners for the year was approximately HK$26.0 million, an improvement from a loss of HK$78.2 million in the previous year[116]. Revenue Sources - Revenue from sales in Hong Kong and Mainland China markets increased by approximately 83.6% to approximately HK$185.5 million compared to the same period last year[21]. - Revenue generated from sales in the European and American markets decreased to zero compared to the same period last year[20]. - Revenue from sales in Hong Kong increased by approximately HK$49.1 million or 48.6%, while revenue from sales in Mainland China doubled, increasing by approximately HK$35.3 million or 100%[117]. - Revenue generated from online sales increased by approximately 100% to approximately HK$35.3 million compared to the same period last year[26]. - The Group's customers primarily include wholesalers and retailers of jewellery products, as well as high-net-worth customers[95]. Strategic Adjustments - The management team adjusted its strategy to focus on fine artistic jewellery and online sales, which contributed to the revenue increase[21]. - The Group plans to expand online sales channels and enhance brand promotion through digital marketing and social media[27]. - The management is committed to the development of the fine artistic jewellery and service platform business to adapt to market changes[95]. - The Group has reallocated business resources to focus on fine artistic jewellery, gold products, and online sales, resulting in a significant increase in sales[98]. - The Group intends to continue focusing on innovation and design to improve product quality and meet customer needs, while also leveraging auction platforms for better performance[104]. Challenges and Market Conditions - The challenging business environment included factors such as COVID-19 restrictions and geopolitical tensions affecting traditional jewellery business[19]. - The Group has faced challenges due to the high infectiousness of the Omicron variant of COVID-19 and ongoing geopolitical tensions, impacting business operations[96][97]. - The cancellation of the international jewellery exhibition in Hong Kong negatively affected partnership opportunities within the industry[96]. - The geopolitical tensions and international trade sanctions have significantly impacted sales in the European and Americas markets, resulting in zero revenue from these regions[100]. Governance and Management - The Board consists of six Directors, including two executive Directors, one non-executive Director, and three independent non-executive Directors as of March 31, 2023[44]. - Dr. So Shu Fai has been appointed as the chairman of the Board and executive Director, with a background in management studies and extensive experience in governance[45]. - The Company has appointed independent non-executive directors with extensive experience in finance and accounting to strengthen governance[63]. - The executive directors are directly responsible for overseeing the implementation of the company's strategic objectives and business operations[80]. Financial Position and Investments - As at 31 March 2023, the Group had current assets of approximately HK$79.7 million, down from approximately HK$95.6 million in the previous year, with cash and bank balances of approximately HK$62.6 million[136]. - The current ratio as at 31 March 2023 was approximately 10.1, compared to approximately 15.1 in the previous year[136]. - Financial assets at fair value through profit or loss amounted to approximately HK$26.2 million, with a loss on changes in fair value of approximately HK$7.4 million recognized during the year[127]. - The Group's total staff costs for the year ended March 31, 2023, were approximately HK$8.9 million, a decrease from approximately HK$9.4 million for the previous year[158]. - The Group plans to continue seeking new opportunities both locally and abroad to enhance future growth[172]. Dividend and Capital Structure - The Board does not recommend the payment of a final dividend for the year ended March 31, 2023[18]. - There were no changes in the capital structure of the Company during the year ended March 31, 2023, and no capital commitments were reported[150][151]. - The Group did not have any material acquisitions or disposals of subsidiaries or affiliated companies during the year ended March 31, 2023[184]. Company Name and Branding - The company name was changed from "Hifood Group Holdings Co., Limited" to "Domaine Power Holdings Limited" on August 18, 2022[187]. - The stock short name changed from "HIFOOD GROUP" to "DOMAINE POWER" effective October 3, 2022, while the stock code remained "442"[189]. - The company's website and email address were updated to reflect the name change, effective September 28, 2022[196][197]. - The headquarters and principal place of business in Hong Kong were relocated effective November 22, 2022[198].
域能控股(00442) - 2023 - 年度财报